1. Field of the Invention
This invention generally relates to a system and method for developing spend diagnostics for card members and for developing and maintaining a lead management tool for a card member company.
2. Related Art
Card issuer companies increase their revenues when card members increase their spending. Benefits from using the card, e.g., reward points and the like, are one way card issuer companies try to entice card members to increase their spending. However, in a slow economic market, its harder to entice a card member to increase their spending.
Currently, many card issuer companies perform only incoming customer service functions, including receiving of communications from card members. In some instances, data from these communications is compiled and stored in one or more databases or other storage systems. However, the card member companies cannot effectively compile enough data to determine if a card member is using their spending capacity and/or utilizing the benefits of being a card member through only doing data compilation of incoming communications. This is because with such limited data, many of the card issuer companies lack the tools and technology to perform adequate spend diagnostics regarding current card members. The card issuing companies also typically lack any tools that would allow effective and efficient management of their communications with the card members, e.g. historical and/or individual data on each card member. Thus, during communications with the card members, because of the lack of specific information the card issuer companies cannot know if they should or could entice the card members to increase their spending or change their spending habits. Thus, because of the lack of technology or tools, most of the card member companies do not adequately and efficiently communicate with their card members, allowing their card members to remain ignorant of the full utilization of their transaction cards and spend capacity.
Given the foregoing, what is needed is a system and a method for optimizing utilization of a transaction card.